Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — FY2014 Earnings Presentation
36 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Mar 4, 2015
Slide 1: AKFEN HOLDING FY14 Results
AKFEN HOLDING FY14 Results 4 March 2015
Slide 2: Index
Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 3: Adjusted Financials - IFRS 11
Adjusted Financials - IFRS 11 Effects of IFRS 11** Financials Adjusted for IFRS 11* According to the IFRS 11 standard, joint However, within this presentation, to enable the ventures cannot be consolidated capital markets participants a smooth transition “proportionately” starting with 2013 firs
Slide 4: 2014: Revenue & EBITDA Rise Continued
2014: Revenue & EBITDA Rise Continued… TL 000 FY14 FY13 (LfL)(a) Δ% FY14 revenues and adjusted EBITDA Revenues* 1,238,692 1,032,907 20% continued to increase notably on a YoY basis (adjusted for the effect of our Adj. EBITDA*(b) 424,052 334,192 27% exit from Karasular HEPP in June EBITDA Margin* (
Slide 5: Revenue
Revenue* Revenue Bridge (Like for Like) (a) Revenue Breakdown 1,600 TAV, MIP & TAV 3% TL million 116 4 1,239 TAVC made Construc. 13% 1,200 15 61 10 16 1,033 up 77% of Akfen REIT 2% FY14 15% 33% -16 revenues… HEPP 29% 800 Group MIP 17% 20% 400 TAV 4% Airports 5% IDO 26% 4% 0 FY13 IDO HEPP MIP Akfen O
Slide 6: Adjusted EBITDA
Adjusted EBITDA* Adjusted EBITDA Bridge (Like for Like) Adjusted EBITDA Breakdown 500 500 FY13 LfL FY14 TL million TL million 24 424 424 10 3 7 400 17 41 400 334 334 300 300 -12 196 200 155 200 102 78 100 29 39 41 29 49 66 26 29 100 0 -100 -44-37 0 TAV Akfen HEPP MIP TAV IDO Other Total FY13 IDO HEP
Slide 7: Net Profit
Net Profit FY14 net loss of TL14.6mn… Net Profit** Despite notable ‘share of profit from equity-accounted 80 54.3 investees’, which turned into a profit of TL142.4mn in TL million 40 FY14 from a loss of TL13.3mn in FY13: o FY14 bottomline of MIP increased by an impressive 5x 0 YoY, TAV Airports’ n
Slide 8: Balance Sheet: FY14 vs. FY13
Balance Sheet: FY14 vs. FY13* Total Assets Total Liabilities 7,000 6,000 9% TL million TL million 5,923 6,000 5,250 5,427 5,000 4,500 4,241 16% 3,750 3,645 4,000 3,000 3,000 FY13 FY14 FY13 FY14 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlled
Slide 9: Financial Debt
Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 4,000 YoY change: 8% YoY change: 15% 3,474 TL million TL million 3,194 3,081 3,139 2,906 2,966 3,000 2,866 3,000 2,805 2,715 2,695 2,739 2,535 2,571 2,531 2,547 2,509 2,576 2,536 2,431 2,379 2,182 1,812 1,915 2,000 2,000 1,799 1,689
Slide 10: Debt: Details I
Debt: Details I Gross Debt Breakdown of Subsidiaries and Jointly- Net Debt Breakdown of Subsidiaries and Jointly- controlled Entities* controlled Entities* TL 000 FY14 FY13 YoY Chg. TL 000 FY14 FY13 YoY Chg. Akfen Holding 519,482 291,783 78% Akfen Holding 506,988 241,533 110% Akfen Construction 91,8
Slide 11: Debt: Details II
Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 FY14 Share FY13 Share TL 000 FY14 Share FY13 Share Within one year 363,344 20% 427,081 30% Within one year 43,659 8% 247,673 85% In the 2nd year 310,344 17% 245,935 17% In the 2nd year 61,910 12% 4
Slide 12: Cash Flow
Cash Flow** TL 000 FY14 FY13 Profit/loss for the period -14,560 -18,913 Adjustments to the profit/loss 140,513 -1,769 Change in working capital and cash usages -97,940 163,504 Net Cash provided from/(used in) operating activities 28,013 142,822 (a) Capex activities -164,265 -259,409 Change in financ
Slide 13: Sensitivity Analysis
Sensitivity Analysis** Currency Risk Interest Risk 130 11.0 TL million TL million 14% 20% 123 121.1 10.0 9.1 115 9.0 108 106.4 8.0 7.6 100 7.0 FY13 FY14 FY13 FY14 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a hundred currencies as of 31.12.2013 and 31
Slide 14: FX Exposure of Operations (FY14)
FX Exposure of Operations (FY14) Revenues COGS&Opex 23% FX 47% FX TL 53% TL 77% Consolidated Gross Debt Holding-only Gross Debt Other in TL 0.01% TL US$ 16% 17% € 4% € US$ 27% 57% TL 79% * IFRS 11 and IFRIC 12 adjusted 12
Slide 15: II. Business Segments
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 16: MIP: Robust growth
MIP: Robust growth… Summary Financials* Highlights from FY14: TL 000 FY14 YoY % Robust container volume growth in FY14, despite Revenues (external)a 325,741 23% slowdown in 2H: YoY container handling up 9% YoY Adj. EBITDA 195,608 26% o during this period, container handling in Turkey Adj. EBITDA M
Slide 17: TAV Airports: Strong financial results
TAV Airports: Strong financial results… Summary Financials* Highlights from FY14: TL 000 FY14 YoY % Revenues (external) (a) 215,000 2% In 2014, while total number of passengers Adj. EBITDA 102,209 31% served increased 14% boosted by the addition of Adj. EBITDA Margin (%) 44.1% 2.0 p.p. Zagreb and
Slide 18: TAV Construction: First on ENR's list
TAV Construction: First on ENR’s list… Summary Financials* Highlights from FY14: TL 000 FY14 YoY % Revenues (external) 410,358 39% Healthy YoY growth in FY14 revenues and EBITDA 28,728 12% EBITDA EBITDA Margin (%) 6.1% -1.2 p.p. Around 98% of backlog is 3rd party projects, Net Debt 11,986 n.m. 8
Slide 19: HEPP Group: 2014 performance hit by the drought
HEPP Group: 2014 performance hit by the drought… Summary Financials* Highlights from FY14: TL 000 FY14 LfL** YoY % HEPP Group: Revenues (total) 52,598 -9% Sekiyaka II HEPP 1 Project became operational in EBITDA 28,744 -31% Jan. 2014, Doruk & Doğançay 1&2 HEPP projects EBITDA Margin (%) 54.6% -17.4
Slide 20: IDO: Measures started to bear fruits
IDO: Measures started to bear fruits… Highlights from FY14: Summary Financials* TL 000 FY14 YoY % 2014 passenger and vehicle numbers reveal; Revenues (external) 167,051 10% o notable improvement at fast ferry numbers thanks EBITDA 65,812 36% to an effective additional trip management and a EBITDA
Slide 21: Akfen REIT: Surge in EBITDA
Akfen REIT: Surge in EBITDA… Highlights from FY14: Summary Financials* TL 000 FY14 YoY % The portfolio at the end of 2014 consisted of 17 Revenues (external) 51,012 24% hotels and 2,911 rooms (vs. 16 hotels and 2,777 EBITDA 39,487 36% rooms at end-2013): Ankara Ibis hotel was opened EBITDA Margin
Slide 22: Akfen Water: Significant Improvement in Profitability
Akfen Water: Significant Improvement in Profitability… Summary Financials* Highlights from FY14: TL 000 FY14 YoY % Revenues (external) (a) 6,429 19% Treated waste water volume at Dilovası Adj. EBITDA 3,955 31% hit by the drought, as well as a decline in Adj. EBITDA Margin (%) 49.7% 6.4 p.p. reside
Slide 23: III. Appendix
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 24: Business Lines' FY14 vs FY13 Performance
Business Lines’ FY14 vs FY13 Performance* TAV Akfen Akfen HEPP Akfen TAV Akfen E. 2014 (TL 000) Construc. Construc. REIT Group MIP Water Airports IDO Wholesale Other(a) Elimin. (b) Total Ownership % 22% 100% 57% 100% 50% 50% 8% 30% Revenue (c) 468,402 57,790 51,012 52,598 325,741 6,429 215,000 167,0
Slide 25: Quarterly Revenue & EBITDA by Business Lines
Quarterly Revenue & EBITDA by Business Lines* TL mn 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 TAV Airports Revenues 119 101 62 62 58 73 85 77 48 56 61 51 Adjusted Revenues 129 108 61 53 48 61 74 64 47 58 67 60 Adjusted EBITDA 29 32 23 15 11 22 30 19 16 28 34 24 EBITDA Margin (%) 22
Slide 26: Corporate Data
Corporate Data Corporate Structure & Stakes Ownership Structure 04.03.2015 MIP (50%) 3.82% Hamdi Akın 75.83% Akfen Holding TAV Construction (21.68%) Other 20.35% TAV Airports (8.12%) As of 31.12.2014, within the share buyback programme 22,107,901 shares were repurchased. Additionally, Akfen Construc
Slide 27: Material Events in FY14
Material Events in FY14 12.01.2014 Corporate Bond Offering: Our application to the Capital Markets Board to issue corporate bonds through a public offering was approved on 31 December 2013. The book building of the offering was on 8-9 January 2014. The bonds have a maturity of 3 years and are payabl
Slide 28: Material Events Cont'd
Material Events Cont’d 23.05.2014 Board Decision: In accordance with the CMB Communique numbered II-17.1 on Corporate Governance it was decided that; - Board Member Ms. Pelin Akın, Assistant General Manager Ms. Sıla Cılız İnanç, Independent Board Member Mr. Saban Erdikler, Independent Board Member M
Slide 29: Material Events Cont'd
Material Events Cont’d 15.09.2014 Doğançay HEPP 1&2 Projects: Elen Enerji Üretimi San. ve Tic. A.Ş., which is a subsidiary of Akfenhes Yatırımları ve Enerji Üretim A.Ş., a subsidiary of Akfen Holding A.Ş., obtained provisional acceptance from the Ministry of Energy for one unit with 5.04 MW of Dogan
Slide 30: Material Events Cont'd
Material Events Cont’d 03.12.2014, CMB Approval and Extraordinary General Assembly: CMB has approved the change in the 6th Article (on “Capital”) of our Company’s Articles of Association, which was announced on 13 August .2014. The revision in the above mentioned article incorporates the decrease of
Slide 31: Notes on Financials
Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 31 December 2014 Akfen Holding’s affiliates use prepared in accordance with International Financial below listed derivative financial instruments. Reporting Standards (IFRS). Subsidiary Interes
Slide 32: IV. Consolidated Financial Statements
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 33: Consolidated Balance Sheet (TL 000)
Consolidated Balance Sheet (TL 000)** LIABILITIES 31 Dec 2014 31 Dec 2013 ASSETS 31 Dec 2014 31 Dec 2013 CURRENT LIABILITIES 720,603 493,177 Short term Loans and Borrowings 31,809 74,443 Current Assets 564,851 423,947 Short term portion of Long term Loans and Borrowings 331,706 352,638 Cash and Cash
Slide 34: Consolidated Income Statement (TL 000)
Consolidated Income Statement (TL 000)** FY14 FY13 Revenues 119,252 111,446 Cost of Sales (-) -62,015 -45,865 GROSS PROFIT 57,237 65,581 General Administration Expenses (-) -64,690 -52,712 Other Operational Income 87,509 218,522 Other Operating Expenses (-) -60,971 -11,022 Share of profit of equity-
Slide 35: Thank You / IR Contact
IR Contact Aylin CORMAN Investor Relations Manager Thank ThankYou… You… acorman@akfen.com.tr Tel: +90 212 319 87 00/3025 Fax: +90 212 319 87 10 Web Site www.akfen.com.tr Address AKFEN HOLDING A.Ş. e-mail investorrelations@akfen.com.tr Levent Loft – Buyukdere Cad. No:201 K.11 Phone +90 212 319 87 00
Slide 36: Disclaimer
Disclaimer This presentation (the ‘Company Presentation’) is not and should not be considered as a recommendation by Akfen Holding A.Ş., (the “Company”) or any other person in relation to the Company, nor does it constitute and should not be considered as an invitation or an offer to purchase securi